Indian firm mulls $400m fund(3)

JM Financial, a banking and financial services firm, is considering launching an infrastructure vehicle as early as this year, with government projections indicating at least $20 billion is required over the next year alone to improve the country’s road network.

JM Financial, the Indian banking and financial services group, is weighing up the launch of a $400 million infrastructure fund, according to its managing director of institutional corporate marketing.

Ashith Kampani told Reuters the firm was keen to start an infrastructure-related private equity fund, adding it could raise up to $400 million and be launched later this year or early next year after “gauging investor appetite”.

The firm would be open to contributing up to $100 million to the fund.

The comments come in the same week as the Indian company sent representatives to Singapore aimed at wooing potential investors to help finance India’s road extensive improvement program.

Kampani said government projections were that at least $20 billion would be required in India to make improvements over the next year alone.